The Commonwealth Bank of Australia (CBA) has revealed that the Australian Securities and Investments Commission (ASIC) will not be proceeding against the bank around issues raised by AUSTRAC.
The big banking group has notified the Australian Securities Exchange (ASX) that it had been notified that ASIC had concluded its investigation and would not take any enforcement action.
It said the matters being examined by ASIC involved proceedings initiated against the CBA by AUSTRAC on 3 August, 2017, “including the Group’s disclosure of those matters” and “whether directors and offices of CBA complied with specific obligations under the Corporations Act”.
ASIC had begun investigating the CBA despite the big banking group having reached a settlement with AUSTRAC in 2018 relating to allegations that criminals had been able to use CBA teller machines to launder the proceeds of crime.
The CBA paid a record $700 million penalty in settlement of the case.
